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Having your own commercial space can be the best choice for your business, it be very rewarding to have your own business premises and can prove to be a great investment. However, purchasing a business property can be fraught with unanticipated issues that can cause you problems if you do not bear in mind some important points; You can ensure, when purchasing your own commercial property, that the process runs smoothly and thus reducing any unforeseen circumstances. So, before making the decision to spend a large amount of money on securing a workspace, here are some thoughts to consider.
The Difference Between Purchasing and Leasing a Commercial Property
It might be shocking to realise that many people who purchase their own workspace for their business do not complete a thorough cost comparison between purchasing versus renting. You need to consider, not just the cost of the commercial space, but also the maintenance costs, the taxes, utilities, ancillary costs, insurance, association dues, janitorial costs, etc. List all these things down and compare it versus a workspace for lease. The overall cost of purchasing a commercial property can be a little higher than renting a commercial space, unless you intend to keep it for the long run, for instance, for five to ten years.
Is it Safe to Put Your Personal Assets on Hold?
A lot of entrepreneurs believe that they can simply purchase a commercial space based on the quality of their business. For big businesses, it is safe to conclude that buying a commercial space would be a better choice. For small-scale organisations, however, any bank would anticipate that the entrepreneur will ensure the credit with their own personal assets. Just like purchasing real estate, buying business space goes through a recognised process. Now that there are many small spaces and office condos being renovated, the market is buoyant, even so it is always wise to pre-empt a down turn and what effect this could have on your business.
What are the Qualifications of a Commercial Property Agent?
To advise you in purchasing or leasing a commercial space, you need to have a good agent that has the necessary qualifications. Firstly, they must have a broad range of information about property sources to help you get the space you need for your business. Secondly, a good commercial property agent will assist you in your decision between purchasing or leasing. The agent must also provide advice that will help you avoid mistakes later on. There are many hidden charges in purchasing and leasing agreements and sales, and a good agent can identify those so that you are ensured a smooth transaction. Finally, a great commercial property agent is an expert and has many years of experience in the business.
You will be able to save time, effort, and money, to ensure get the best deal if you consider these points. Contact Gerald Eve asset management for detailed and professional advice on this matter.
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